Naira Loses at I&E as Bitcoin Gains at Crypto Market

By Adedapo Adesanya

It was a bad day for the Nigerian Naira at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday.

This was because the value of the Naira depreciated against the United States Dollar yesterday by 3 kobo or 0.01 per cent as it traded at N415.10/$1 compared with N415.07/$1 it traded on Thursday.

It was observed that the local currency put up a poor outing during the session despite the value of transactions going down by 81.4 per cent or $368.94 million.

Business Post reports that the turnover for the trading session stood at $84.44 million compared with the $453.38 million recorded a day earlier, according to data from FMDQ Securities Exchange.

However, the domestic currency closed flat against the American Dollar at the interbank segment of the market as the official exchange rate remained unchanged at N411.75/$1 yesterday.

In the same vein, the exchange rate of the Naira to the Pound Sterling at the interbank segment remained intact at N543.06/£1 and against the Euro, it closed flat at N464.08/€1.

At the digital currency market, the movement was mixed with only two of the 10 cryptos monitored closing bullish.

Dash (DASH) lost 6.1 per cent to trade at N76,760.58, Cardano (ADA) went south by 4.5 per cent to sell at N726.46, Litecoin (LTC) declined by 4.0 per cent to N86,458.80, Ripple (XRP) depreciated by 3.1 per cent to quote at N472.33, while Dogecoin (DOGE) fell by 1.9 per cent to sell at N95.58.

Further, Binance Coin (BNB) lost 1.9 per cent to trade at N232,238.03, Ethereum (ETH) went down by 1.5 per cent to sell for N2,265,999.99, while the US Dollar Tether (USDT) decreased by 0.4 per cent to close at N573.40.

However, Bitcoin (BTC) appreciated during the trading session by 0.2 per cent to trade at N27, 958,736.19, while Tron (TRX) also improved by 0.2 per cent to sell at N52.49.